SMM

According to the SMM survey, as of Thursday (November 7), domestic bonded zone copper inventories increased by 1,800 mt WoW (from October 31) to 59,900 mt. Among them, Shanghai bonded zone inventories increased by 2,000 mt WoW to 56,100 mt; Guangdong bonded zone inventories decreased by 200 mt WoW to 3,800 mt. This week, bonded warehouse inventories continued to increase mainly due to limited downstream purchase willingness and suppliers' reluctance to sell at low prices, thus sending the sources into bonded warehouses. Looking ahead, after the SHFE/LME price ratio rebounds, downstream purchasing demand is expected to increase, and the volume of copper cathodes entering bonded warehouses is expected to decrease.